How have check-the-box regulations made it easier for closely held businesses to select the appropriate organization with less worry about tax implications? 

a. For a business with just a few owners, why is the LLC likely to be favored over the corporate form? 

b. Can all of the advantages of the LLC be obtained by making a Subchapter S election? 

c. What is likely to keep the owners of an S corporation from liquidating it and reforming it as an LLC?

Answer rating: 100% (QA)

ChecktheBox Regulations and Closely Held Businesses Checkthebox regulations introduced by the Internal Revenue Service IRS in 1997 have significantly simplified the process for closely held businesses ... View the full answer